Month: December 2016

I just called up to verify my interest rate. I told them that I thought it was 25% but it seemed awfully high. They said it was based on the prime rate and she checked and it was 23.99. I asked what i could do to lower it, I told her i pay alot a month (like last month i paid $400), and they raised my limit (i didn’t use the limit ) but it just seemed high. I told her none of my other cards are or ever been that high and just wondering what else i can do to help lower it in the future? She then asked what my rates were on my other cards and i told her 0, 6 and 11 i believe. I told her my Home depot was at 19 she asked if i could hold for 2 minutes max and came back and appoligized for my wait (was under 2 min) and said she talked to her supervisor and was told based on the prime rate (funny how my rate was based on the prime rate to start with ha ha) she could lower it to 14.99. My cash advance will still be 23.99. She asked if that was okay and i gave permission to change it.

I called to see if they’d lower it but made it sound like i was concerned about my rate and what else i could do to perhaps get it lowered in the future. I didn’t threaten to close it or anything and the lady i talked to was super nice.

Here in Canada, there are some dept stores that charge 29% and they don’t call it interest, they call it service and administrative charges. There are loan companies that can charge up to 40%!! Citibank is one of them. Very scary…….